QUESTION

My son owns half of the house. Will we loose our home if I file for bankruptcy?

Asked on Apr 06th, 2013 on Bankruptcy - Arizona
More details to this question:
This is for Arizona. Six months ago, following my divorce, I had good credit and purchased a house with my son. Home was short sale for $185k. I now need to file bankruptcy. I satisfy the means test for Chapter 7. I want to keep my house and my car. The current value is $1600. Arizona does have exemptions, $5000 for car and $150k for house. We put 3.5% down and home appraised for $195k so the equity in the home is about $16k. But it is $45k over the homestead exemption limit. However, my son owns half. Will we get to keep the house? Will my bankruptcy hurt my son? Will he loose his interest in the house? My debt is approximately $50k. My yearly income is about $10,400. My understanding is that my alimony and child support is also exempted. Is that true?
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1 ANSWER

Bankruptcy Attorney serving Phoenix, AZ at Law Office of D. L. Drain, P.A.
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Most likely, but you really need an experienced attorney to review your entire situation. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Apr 08th, 2013 at 8:58 PM

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